Spokane-based Washington Trust Bank has posted record net income for 2002, and crested $2 billion in assets by year-end.


In its annual report, the bank reports 2002 net income of $24 million, up 11.7 percent from $21.5 million the previous year. That percentage jump in earnings was a substantially greater than the 3 percent increase it reported for 2001.


The banks assets grew to almost $2.1 billion by Dec. 31, 2002, up $179 million, or 8.5 percent, from 2001. Also as of the end of the year, the banks deposits totaled almost $1.7 billion, up from about $1.45 billion a year earlier, and its total loans stood at about $1.6 billion, compared with $1.5 billion a year earlier.


This was all accomplished during a challenging business environment, wrote bank Chairman and Chief Executive Officer Peter Stanton said in the banks annual report. In 2003, we anticipate further growth, with additional branches, an upgraded consumer on-line banking product, and new service initiatives.


Stanton also said that Washington Trust, which celebrated 100 years in business last year, introduced several new commercial-banking services in 2002, including business debit cards and online business banking.


In addition, the bank opened new branches in Liberty Lake and in Boise and disclosed plans to open additional branches in the Boise area in the next two years.


Washington Trust currently operates a total of 23 branches in Washington and Idaho, including 10 in the Spokane-Coeur dAlene area.